🚨JUST IN: @Ripple has agreed to drop its appeal against the @SECGov and pay $50M of the originally ordered $125M fine. The SEC will also ask Judge Torres to lift the ‘obey the law’ injunction she imposed on Ripple in addition to the fine.
Once all of this has been voted on by the Commission, and the court documents are in order, the @SECGov vs. @Ripple case will be over once and for all.
I’m in NYC today and spoke briefly with @bgarlinghouse, who, understandably, is in a very good mood. 😂
People need to remember, the company @Ripple wasn’t the only one sued, @bgarlinghouse & @chrislarsensf were sued individually, which is not usually done in a NON-FRAUD CASE. Imagine having to tell your young kids: “Dad is being sued by the United States government.” The relief must be intense. In addition, the U.S. market dried up instantly because no financial institution is going to do business with a company actively being sued by the @SECGov.
Garlinghouse said some interesting things on stage at @blockworksDAS about the industry.
@CGasparino, with help from @EleanorTerrett, on @LizClaman’s show, reported on the significance of this case - for the entire industry - before anyone else. I happen to be in NYC today. 😉 😝
Great news for the industry.
🚨SCOOP: In the wake of the @SECGov agreeing to drop its appeal against @Ripple, #crypto derivatives exchange @Bitnomial plans to drop its own lawsuit against Wall Street’s top cop after suing the agency in October over its claim that it had jurisdiction over Bitnomial’s planned $XRP futures contract.
Additionally, Bitnomial will officially launch its $XRP futures contract tomorrow morning with the @CFTC’s approval.
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let's build.
COMING UP: @Ripple CEO @bgarlinghouse joins @BloombergTV to discuss the SEC dropping its landmark crypto case against the company.
Tune in live at 12pm ET https://t.co/RALerZbIri
I’ve said this before - the crypto industry will achieve our goals (and beyond), IF WE WORK TOGETHER. Appreciate the crypto President @realDonaldTrump’s vision of a govt digital asset reserve representative of the industry.
Maximalism is the enemy of the industry’s progress. Glad to see POTUS recognizing we live in a multichain world and that we’re finally moving past Bill Hinman and the Biden administration's SEC’s very broken thinking.
I will certainly continue to champion this while in Washington at the end of this week.